Report: Pallet market to reach 4 billion units by 2023

According to the report, the market is expected to reach a volume of 4billionunits by 2023, exhibiting a CAGR of 4.7% during 2018-2023.

Pallets are horizontal platforms which support goods and help in carrying them with a front loader or forklift from one place to another. They are one of the most common bases used for stacking goods and are generally secured with a pallet collar, stretch wrap, adhesive or other means of stabilization. They can be manufactured using different materials depending on the application, such as wood, plastic, metal, etc. Since pallets ensure an efficient handling and easy portability, they are used by a large number of manufacturers and shippers of commercial goods across the globe.

Increasing consumer expenditure on housing and infrastructural activities as a result of surging disposable incomes along with rapid urbanization and industrialization remains the primary growth-inducing factor for the global pallet market. In the recent years, plastic pallets have gained immense popularity across various sectors on account of their reusability and recyclability. Moreover, manufacturers are also coming up with various technological innovations in order to increase their consumer-base.

The report has segmented the market on the basis of type into wood, plastic, metal and corrugated paper. Among these, wood accounts for the majority of the total share. The market has further been segregated on the basis of application. This segment includes food and beverages, chemicals and pharmaceuticals, machinery and metal, and construction.